Nonfarm Payrolls Exceed Expectations in May in the US

Nonfarm payroll employment in the US increased by 272,000 in May, surpassing expectations, while the unemployment rate rose from 3.9% to 4%.

The US Department of Labor released its employment report for May.According to the report, nonfarm payroll employment in the country increased by 272,000 in May. The nonfarm payroll data, which exceeded market expectations, was anticipated to increase by 180,000. The unemployment rate in the US rose to 4% in May with a 0.1 percentage point increase. The unemployment rate, which exceeded market expectations, was expected to be 3.9% during this period. In April, the unemployment rate was recorded at 3.9%. During the mentioned period, the average weekly working hours rose to 34.3, in line with expectations. Employment continued to rise across various sectors, particularly in healthcare, government, leisure and hospitality, as well as professional, scientific, and technical services. The latest figures highlight a labor market that continues to defy expectations, mitigating the impact of high interest rates and prices on the economy. Investors have reduced the likelihood of the Fed cutting interest rates this year. Meanwhile, following the data release, US stock futures and government bonds declined, while the dollar strengthened.

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